CECO Environmental designs and sells engineered systems and equipment that help industrial companies manage air pollution, water treatment, and emissions. Products include SCR systems, dust collectors, scrubbers, thermal oxidizers, separators, dampers, and water treatment packages — used by industrial facilities to comply with environmental regulations, protect equipment, and maintain workplace safety. CECO serves customers across power generation, oil and gas, semiconductor fabrication, metals processing, chemical plants, and industrial water treatment. CECO operates through two segments: Engineered Systems (power generation, hydrocarbon processing, water/wastewater) and Industrial Process Solutions (aluminum, automotive, semiconductor, steel). The majority of revenue comes from project-based work — custom-engineered solutions with 6-18+ month cycles, recognized on a percent-of-completion basis. The balance comes from mid-cycle configured products and short-cycle aftermarket parts, service, and consumables drawn from an installed base exceeding $10B. CECO runs a capital-light model, outsourcing fabrication to a partner network rather than owning heavy manufacturing assets. Growth strategy centers on three areas: organic expansion into power generation, LNG infrastructure, industrial reshoring, semiconductor fab construction, and industrial water; programmatic M&A targeting niche businesses in industrial air, water, and energy transition; and growing recurring aftermarket revenue from its installed base. The pending acquisition of Thermon Group for ~$2.2B would add process heating and heat tracing solutions with predominantly short-cycle revenue, accelerating CECO's goal of shifting its mix toward more recurring, higher-margin revenue streams.